A wire transfer is sent from a source that is not a bank where you hold an account (e.g. money transfer services, forex services, etc.);

Payment is received from a third party (e.g. parents, relatives, friend, etc.);

Wire transfer is sent from a bank outside India.

IMPORTANT NOTE:
Please do not use intermediate forex financial institution to purchase GIC. Students MUST have to use their personal Bank account to purchase GIC. Please do not use other method to purchase GIC. (Transfer from Parents or Relatives accounts is not recommended)

If your visa or Study Permit is approved.

Open Your Scotiabank Personal bank account.
When you arrive in Canada, visit your choice of over 1,000 Scotiabank branches to open a personal bank account and complete the Scotiabank Student GIC Program process.

$2,000 CAD plus any accrued interest will be deposited into your personal bank account, and

$8,000 CAD will be deposited into a 1-year fixed term GIC. Your GIC amount and interest will be automatically deposited into your personal bank account in 12 monthly payments.

If your Visa or Study Permit is declined or cancelled.

If your Visa or Study Permit is declined or cancelled, Scotiabank will return your $10,000 CAD investment or the remaining balance, you need to submit following documents to Scotiabank by using secure email service.

You’re Visa and/or Study Permit has been declined or cancelled or your application for admission to a Canadian Educational Institution has been declined. Or you have withdrawn enrolment from the Canadian Educational Institution.

If you withdraw from your studies in Canada, tell your Scotiabank branch that you're returning to India.
Scotiabank close your account(s), then you can request your refund when you return to India.

You will be required to provide details such as your Scotiabank Investment account number, your wire return bank account details and, if applicable, your original case number and the reason you are requesting a refund.

Step by step process for Refund application

Step-1: Mentioned all require information in the form.

Step-2: Provide Bank information for wire transfer (It should be same as which use at the time of GIC payment & the account should be student only)

Step-3: Confirm all the detail once & take a print out of refund application (Save it in your system) & click on submit.

Student will receive a confirmation email within a 24 Hours.

Scotiabank review your application
if information is incomplete or incorrect they will return your refund request with an explanation. You will need to correct the problem and re-apply.

Scotiabank seek confirmation once your refund request is approved, they will contact the Canadian High Commission, India. Confirm with them that your Study Permit or Visa has been declined or cancelled.

Scotiabank wire funds to your bank in India Scotiabank will wire your funds back to your bank account in India. For security reasons, funds can only be returned to a bank account in your own name (or jointly with your parents) in India.

Scotiabank send an email confirmation Scotiabank will email you confirmation of the transfer through Scotiabank Secure Email Service.

You receive your funds the international wire transfer may take 5 (or more) business days to reach your account in India.

Scotiabank will confirm your Study Permit decline or cancellation with the Canadian High commission, India. Once confirmed, Scotiabank will refund the outstanding principal plus any accumulated interest. After we wire the funds to your bank in India, we will provide you a confirmation by secure email which will include your ICN (Internal Control Number). You can use this ICN to follow-up on the status of your wire transfer with your bank in India if needed.

NOTE: Scotiabank will only send your refund to a deposit bank account that is in your home country and in your name as it appears on your Scotiabank investment account. International wire transfer may take up to five (5) business days to reach your account.

Please note:
- The refund may take up to four (4) weeks from the date the correctly completed Refund Application is received at Scotiabank, Canada. If there are any corrections required, the refund will be delayed.
- Any processing and/or administration fees will not be refunded.
- Additional fees may be charged by the intermediary banks during the refund. It is the applicant’s responsibility to cover all additional refund fees.

Note:
In case of Visa refusal and/or withdrawal, student must have to bear difference amount while getting refund money from colleges and University due to dollar rate fluctuation. It will be less approximately Rs. 50,000/- to 60,000/-. Please explain to all your students as well as their parents in details regarding this difference amounts.

IMPORTANT
Applications will not be accepted by VFS under the Student Partner Program without a copy of the formal GIC document issued by Scotia Bank. No wire transfers or bank remittances will be accepted as a proof of purchase of a GIC.

Please contact Scotiabank Student GIC Customer Service toll-free at 000 800 100 8747 / 001-416-288-4119. Representatives in Canada are available to speak with you Monday to Friday, 9am to 8pm ET (excluding Canadian public holidays).